Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Crypto majors slightly green with BTC leading +1% at $64.2k Bond yields hit multi-decade high, pausing stock rally ETH Foundation researchers prioritize privacy for Hegota upgrade Robinhood rolls out agentic trading for crypto (for select users) Ansem introduces new curated launchpad and z500 index Pump.fun's PUMP token has had a rough 10-month stretch after hitting $8B back in September 2025.
But that rough stretch appears to be over. PUMP's 50-day EMA is crossing above its 200-day EMA for the first time since the token launched in mid-2025, what technical analysts call the "golden cross." The token bottomed at $0.001491 in July and touched $0.003 intraday Monday before settling near $0.002733. The token is pumping for a reason—the fundamentals are improving.
DefiLlama puts Pump.fun at $11.52 million in seven-day revenue, fourth among every protocol in crypto behind only Tether, Circle, and Canton, and ahead of Polymarket, GMGN, Tron, and Axiom Pro. Its weekly revenue was 2x that of Hyperliquid, which trades at $59B FDV (over 20x PUMP). Annualized revenue now runs at $458 million against a $1.09 billion market cap.
That revenue is also at its highest level since February. Revenue matters for Pump because of the team's buybacks. Half of every dollar of that revenue is locked into buyback and burn by smart contract, which sent $5.33 million into PUMP purchases last week alone and has now offset 15.9% of total supply.
Pump's own numbers put fees for August 10 to 16 at $10.74 million, up 7% week over week and the best week since late January, with Tuesday's $1.73 million the biggest single revenue day since January 30. Overall the team has now bought and burned $429M of its own token (28.58% of the supply). And the team has been active with updates.
Pump launched Callout Rewards on August 13, paying users daily based on the volume their token callouts drive. Then, yesterday they dropped app trading fees to 0% on Solana and 0.1% crosschain. They're effectively using that revenue lead to undercut Axiom, GMGN, and Fomo on price while paying users to bring flow.
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